True." Hi everyone, it's Jamie Trill here, your favorite CPA and financial literacy coach. Today, we're going to be talking about 10.99. - Now, this is specifically going to be for those of you who own a business and are sending out 1099s. But it can also be applicable to those of you who own a business and receive 1099s. - So, we're going to talk about when you need to send them, what they are for, and some of the lesser-known rules around 1099s. - We're also going to talk about the fact that you can get around having to send 1099s depending on how you actually paid your contractors. So, we're going to talk all about that. - We're also going to talk at the end a little bit about some misinformation when it comes to 1099s, and specifically 1099 K's that you're going to receive from payment processors. - So, there were some changes that were recently made in the American Rescue Plan Act, and there's been a whole host of misinformation around what exactly that means to you. So, we're going to talk about that towards the end. - So, real quick, let's start at the ground level and just talk about why we have to issue 1099s to begin with. - Now, remember, if you have an employee in your business, you are going to be issuing them a W-2 at the end of the year. That W-2 gives your employee all the information about how much you paid them, how much you withheld in taxes, and they're going to use that when they complete their own tax return. - Similarly, a 1099 is for non-employees. These are for contractors, typically, that are going to be people that did services for you. There are some other reasons you might have to send out...
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Hawaii Form W9 2022: What You Should Know
If you hire a lawyer to do your taxes, he or she will want to make certain all the information provided with the W-9, is correct (i.e., income, deductions, credits). You may use all information supplied in the W-9 form, including information from income tax, social security, federal tax, or even tax preparers, but the attorney will make sure the information is correct. Informants will write you a W-9 in the form and format that you use, so that you know exactly what the form is and what you must report in the future. Form W-9s for various years may be obtained from the Department of Revenue, or from tax prep companies. You simply do not have to have your tax information prepared in the specific format used by those companies, since the format is already prepared and standardized. It only makes sense to use W-9 form for preparing your tax statements if you know exactly: 1. What information you want each year to be included and 2. How to report this information with each type of income, deduction, credit. You should make sure to keep a copy of any W-9 form that is provided by an attorney in which your attorney submits this information to the preparer. If you must make a report with an attorney, it is highly recommended that you use a form of tax filings with that attorney, such as Form W-15EZ (which was introduced in 2012).
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